KOSPI · EV battery cells · top-tier global
LG Energy Solution
A global top-tier EV battery-cell maker armed with a network of JV plants and long-term supply contracts, with GM, Honda, Hyundai Motor Group, Stellantis, Toyota and Tesla all customers and JV partners. FY2025 consolidated revenue was KRW 23,671.8bn, down 7.6% on soft metals and the EV air-pocket, yet operating profit jumped to KRW 1,346.1bn (+134%) — though that profit leans heavily on IRA advanced-manufacturing credits (AMPC ~KRW 811bn), so ex-AMPC the core is still at the trough and Q4 turned to a loss. The top five automaker customers are ~63% of sales, cushioning volume, while the graph reaches into cathode and lithium sourcing, so a single metals or policy variable shakes the whole chain.
373220.KS Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, LG Energy Solution is directly linked to 22 companies (16 supply, 5 revenue, 1 investment relationships) and reaches 27 companies within two hops; the links are backed by 35 dated sources, 6 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'23-26.9%'24-7.6%'25+13.1%YTD-18.1%
Money in ▸Toyota●capacity 20 GWh/yrStellantis (NextStar Energy)●Investment C$5BHonda (L-H Battery)●Investment $4.4BTesla●Contract value $4.3BHyundai Motor Group (HL-GA Battery)●Investment $4.3BGeneral Motors (Ultium Cells)●Investment $2.6BGeneral Motors●혼다 (배터리 JV)●
LG Energy SolutionFY2025 consolidated revenue KRW 23,671.8bn
▸ Money outSociedad Química y Minera de Chile S.A.●volume 100,000 tonnesPOSCO Future M●Contract value ₩30.3TL&F●Contract value ₩7.1TChunbo●Umicore◐volume 125,000 tonnesGanfeng Lithium◐Count 92,600 tSolus Advanced Materials◐Contract value $380MAlbemarle◐Daejoo Electronic Materials◐Yunnan Energy New Material (SEMCORP)◐Lotte Energy Materials◐SKC◐Enchem◐PNT (People & Technology)◐Battery pouch film (DNP, Showa Denko)◐나노신소재 (CNT 도전재)◐LS ELECTRIC◐
Financials & Segments
- Total revenue · FY2025 consolidated revenue KRW 23,671.8bn (-7.6%); operating profit KRW 1,346.1bn (+133.9%)
- Customer concentration · Top-5 automaker customers ≈67% of FY2024 revenue
- Segments · Automotive (EV cells & modules) · ESS batteries · Small cells (cylindrical & IT)
Revenue from
- Toyota High confidence· capacity 20 GWh/yr · 2025~2035 · High-nickel NCMA long-term supply
10-year (2025–2035) deal to supply 20 GWh/yr of high-nickel NCMA cells from Michigan for US-built Toyota BEVs.Confirms EN Toyota USA Newsroom Published Oct 4, 2023: LG Energy Solution and Toyota Sign Long-Term Battery Supply Agreement - Stellantis (NextStar Energy) High confidence· Investment C$5B · 2022~ · Total JV investment, >45 GWh
Canada's first large-scale cell plant (NextStar), >C$5B, >45 GWh. In 2026 LGES took full ownership.Confirms EN Stellantis Published Feb 6, 2026: LG Energy Solution to Acquire Full Ownership of NextStar EnergyConfirms EN NextStar Energy Published Mar 23, 2022: Stellantis and LG Energy Solution to Invest Over $5 Billion CAD in Canada JV - Honda (L-H Battery) High confidence· Investment $4.4B · 2023~ · JV-related investment, 40 GWh
Ohio cell JV owned LGES 51% / Honda 49%; ~$4.4B, ~40 GWh.Confirms EN LG Energy Solution Published Jan 13, 2023: LG Energy Solution and Honda Establish Battery JV in OhioConfirms KO ZDNet Korea Published Jan 13, 2023: LGES-Honda to spend KRW 5.5tn on US battery JV plant - Tesla High confidence· Contract value $4.3B · 2027-08~2030-07 · LFP prismatic ESS cell supply (Megapack 3)
$4.3B deal to supply LFP prismatic ESS cells for Megapack 3 from Lansing MI (2027–2030); also supplies 2170 cylindrical cells. - Hyundai Motor Group (HL-GA Battery) High confidence· Investment $4.3B · 2026~ · Total JV investment, 30 GWh
50/50 cell JV near Hyundai's Georgia Metaplant (HL-GA); >$4.3B, ~30 GWh, production from 2026.Confirms EN Georgia Dept. of Economic Development Published Aug 31, 2023: Hyundai Motor Group and LG Energy Solution Invest Additional $2B in Bryan CountyConfirms KO Hyundai Motor Group Published May 26, 2023: Hyundai Motor Group and LG Energy Solution to build US battery cell JV - General Motors (Ultium Cells) High confidence· Investment $2.6B · 2022~ · Lansing plant 3 investment, 50 GWh
Supplies cells via GM JV Ultium Cells (Ohio, Tennessee); the Lansing 3rd plant ($2.6B / 50 GWh) was acquired outright by LGES in 2025.Mentions KO Mirae Asset Securities Published Feb 1, 2026: Mirae Asset — LG Energy Solution Buy, target KRW 510,000 (focus on 2025 direction)Confirms KO Battery Inside Published May 8, 2025: LG Energy Solution completes acquisition of Ultium Cells plant 3Confirms EN LG Energy Solution Published Jan 26, 2022: GM and LG Energy Solution Investing $2.6 Billion to Build 3rd Ultium Cells Plant in Lansing - General Motors High confidence
Battery-cell revenue to GM via the Ultium Cells JV.Confirms EN LG Energy Solution Published Jan 26, 2022: GM and LG Energy Solution Investing $2.6 Billion to Build 3rd Ultium Cells Plant in Lansing - 혼다 (배터리 JV) High confidence
Supplies cells to Honda/Acura EVs via the Ohio L-H JV.Confirms EN LG Energy Solution Published Jan 13, 2023: LG Energy Solution and Honda Establish Battery JV in Ohio
Pays to
- Sociedad Química y Minera de Chile S.A. High confidence· volume 100,000 tonnes · 2023~2029 · Battery-grade lithium volume
Chile's SQM supplies 100,000+ tonnes of battery-grade lithium carbonate and hydroxide, 2023–2029. - POSCO Future M High confidence· Contract value ₩30.3T · 2023~2029 · Cathode long-term supply contract
Supplies high-nickel NCM/NCMA cathode to LGES plants worldwide; ₩30.26tn long-term contract, 2023–2029.Confirms KO POSCO Future M Published Apr 26, 2023: POSCO Future M signs KRW 30tn cathode supply deal with LG Energy SolutionConfirms EN KED Global Published Apr 26, 2023: POSCO Future M to supply $22.6 bn cathodes to LG Energy Solution - L&F High confidence· Contract value ₩7.1T · 2023~2024 · Cathode trading agreement
High-nickel NCMA / single-crystal cathode for cylindrical cells; ~₩7.1tn trading agreement (2022).Confirms KO Seoul Economic Daily Published May 19, 2022: LGES and L&F sign KRW 7tn cathode trading agreement - Chunbo High confidence
Chunbo supplies electrolyte salts and additives to LG Energy Solution. - Umicore Medium confidence· volume 125,000 tonnes · 2020~ · NMC cathode supply (signed by LG Chem)
Belgium's Umicore supplies high-performance NMC cathode active material (~80,000t, announced 2019, signed by LG Chem).Confirms EN Umicore Published Apr 25, 2018: Umicore and LG Chem conclude long-term supply agreement for NMC cathode materials - Ganfeng Lithium Medium confidence· Count 92,600 t · 2019~2025 · cumulative supply contract
LG Chem / LG Energy Solution contracted to source 92,600 tons of lithium hydroxide and carbonate from Ganfeng Lithium over 2019-2025.Confirms ZH CNPowder Published Sep 21, 2018: Ganfeng signs new contract with LG for about 90,000 tons of lithium over 7 years - Solus Advanced Materials Medium confidence· Contract value $380M · 2021~2025 · 5-yr Hungary copper-foil supply (signed by LG Chem)
Supplies electrodeposited battery copper foil from Hungary for LGES Europe; quality approval 2021.Confirms KO TheElec Published Jan 20, 2021: Solus Advanced Materials gets LGES quality approval for Hungary copper foil - Albemarle Medium confidence
LG Energy Solution sources battery lithium from Albemarle. - Daejoo Electronic Materials Medium confidence
LG Energy Solution sources silicon anode material from Daejoo Electronic Materials for EV battery cells such as the Porsche Taycan (since 2019).Confirms KO Mirae Asset Securities Published Jul 23, 2024: Daejoo Electronic Materials: growth felt amid a shaky cycle - Yunnan Energy New Material (SEMCORP) Medium confidence
LG Energy Solution is an overseas customer that has signed a long-term separator supply agreement with Enjie.Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd. - Lotte Energy Materials Medium confidence
LG Energy Solution sources anode copper foil from Lotte Energy Materials.Confirms EN KED Global Published Jun 21, 2024: Lotte Energy Materials sets sights beyond copper foil: CEO Kim - SKC Medium confidence
LG Energy Solution is in talks with SK Nexilis (SKC subsidiary) for a 5-6 year, up to KRW 4tn copper foil supply, but as of July 2025 no contract is signed (still pricing negotiation).Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal - Enchem Medium confidence
Confirmed (2023) to supply next-gen electrolyte to the GM-LGES JV Ultium Cells Ohio Plant 1; value undisclosed.Confirms KO Asia Business Daily Published Aug 24, 2023: Enchem confirmed to supply electrolyte to Ultium Cells Ohio Plant 1 - PNT (People & Technology) Medium confidence
LG Energy Solution switched its electrode-coating equipment from Japan's Hirano Techseed to PNT; part of its cell-expansion capex flows into PNT equipment orders. - Battery pouch film (DNP, Showa Denko) Medium confidence
Relies heavily on Japan's DNP and Showa Denko (Resonac) for the aluminum-laminate pouch film that encases pouch cells — the reason it is pushing dual-sourcing and localization (Yulchon and others).Confirms KO THE ELEC Published Apr 10, 2025: Yulchon localizing battery pouch film that was 100% import-dependent on Japan (DNP/Showa Denko) - 나노신소재 (CNT 도전재) Medium confidence
CNT conductive-additive supplier (cathode/anode).Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDI - LS ELECTRIC Medium confidence
LG Energy Solution sources power equipment for battery plants and ESS from LS Electric; 4.6% of LS Electric's power-infrastructure revenue is to LG Energy Solution.
Investors
- LG화학 (모회사 지분) High confidence· Market share 51.5% · LGES가 LG화학 연결매출에서 차지하는 비중
Listed subsidiary spun off from LG Chem's battery division on Dec 1, 2020; LG Chem is the controlling shareholder.Confirms KO FSS DART / LG Energy Solution Published Mar 12, 2026: LG Energy Solution Annual Report FY2025 (DART)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mazda Motor | lead2 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Honda Motor | lead1 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead1 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead1 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead1 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| LG Energy Solution | node | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| LS ELECTRIC | benef1 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Dai Nippon Printing | benef1 | +56.5 | +13.9 | +42.6 | +8.5 | +22.5 | +15.3 |
| Daejoo Electronic Materials | benef1 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Sociedad Química y Minera de Chile S.A. | benef1 | +6.8 | +71.8 | -18.3 | -39.4 | +89.2 | +7.6 |
| Yunnan Energy New Material (SEMCORP) | benef1 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| Umicore | benef1 | -27.5 | +5.9 | -37.1 | -51.4 | +111.6 | +2.4 |
| Lotte Energy Materials | benef1 | +31.5 | -32.9 | -49.3 | -30 | +75.8 | -8.4 |
| Albemarle | benef1 | +59.8 | -6.6 | -32.8 | -39.5 | +67.7 | -10.4 |
| LG Chem | benef1 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
| SKC | benef1 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef1 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Ganfeng Lithium | benef1 | +12 | -17.4 | -56.1 | +0.1 | +108.3 | -21.8 |
| POSCO Future M | benef1 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| Advanced Nano Products | benef1 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| Chunbo | benef1 | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
| PNT (People & Technology) | benef1 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| Enchem | benef1 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
| Hoya Corporation | benef2 | +10.8 | -3 | +34.4 | +11.3 | +24.9 | -2.9 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| Cosmo Advanced Materials & Technology | benef2 | +121.4 | +48.7 | +128.9 | -60.4 | -3.4 | -22.5 |
| Lotte Chemical | benef2 | -22.5 | -3.6 | -24.4 | -56.1 | +50.1 | -25.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is how well the JV network and IRA subsidies hold at the EV-air-pocket trough. FY2025 revenue was still down 7.6%, but the +134% operating-profit jump is mostly AMPC (~KRW 811bn) — policy cash, not core profitability, is propping up earnings, and ex-AMPC it is still at the trough, as the Q4 loss shows. Defense comes from JV plants and long-term contracts with GM, Honda, Hyundai Motor Group, Stellantis and Toyota (top-five customers 63%), and the growth pivot is North American ESS shipments (e.g., LFP cells for Tesla Megapack). Risks are a delayed EV-demand recovery, IRA policy change (AMPC cuts) and metals prices. Graph propagation: a hub where upstream cathode (POSCO Future M, L&F) and lithium (SQM, Ganfeng, Albemarle) set cost, and downstream automaker JVs set volume.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target ₩506,400 · Price ₩326,000 (07-10) · Upside +55%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩580,000 | Jun 18, 2026 | Report ↗ |
| Daol Investment & Securities | Buy | ₩550,000 | May 4, 2026 | Report ↗ |
| Yuanta Securities Korea | Buy | ₩531,000 | Jan 30, 2026 | Report ↗ |
| LS Securities | Hold | ₩351,000 | Jan 15, 2026 | Report ↗ |
| Mirae Asset Securities | Buy | ₩520,000 | Jan 5, 2026 | Report ↗ |
Maintains Buy and KRW580,000 target on large ESS orders, 46-series ramp, and surging domestic EV sales.
Analyses covering this node
- At the materials tier, the customer sets the clock Jul 5, 2026
- The cathode paradox: cells turned, materials did not Jul 3, 2026
- What revived the battery cycle is ESS, not EVs, and its root is again the AI datacenter Jun 24, 2026